Buying a home is exciting, but there is a lot of thought that must go into the process to ensure it is the right decision to make. Before an individual assumes now is their time buy and begins contacting real estate agents, they should consider the following:
- Their financial situation.
New home buyers should consider whether their financial situation is where it needs to be to purchase a home. Unless an individual is able to pay for the full cost of the home upfront, they will be required to show proof of income and have enough funds to be able to make a down payment. Additionally, new home buyers should also be prepared to incur additional costs such as minor repairs to the home or to correct a legal issue involving the title of the property should one arise.
- Credit score.
A person’s credit score can take them a long way. A good credit score can get them approved for a mortgage loan and even other smaller loans that can help them afford moving costs, appliances, home repairs/upgrades, etc. If an individual doesn’t have a decent credit score, it could impact their ability to get approved for a mortgage loan. This element alone could interfere with their ability to purchase a home.
Tip: Potential home buyers can check their credit score and credit report for free once a year by visiting one of the three major credit reporting agencies which include Equifax, Experian, and TransUnion.
- Property prices.
There are good times to buy property and then there are times when prices may be a little too steep for a buyer’s liking. If an individual is interested in purchasing a home, they need to look at what the home sold for in the past, what the homes around it are selling for now, and what the interest rates currently are for mortgage loans. If the home to be selling at a lower cost than it was previously sold for and lenders are offering lower rates, given the potential buyer has a good credit score, then it may be the right time to buy.
- The time and money it takes to maintain a home.
When an individual decides to buy a home, they need to be prepared to invest time and money into it. Keeping up a home is hard work, and if the property goes neglected, it may not only affect the buyer’s investment should they decide to sell, but it could also cost them more if issues go undetected or unaddressed.
- Can they afford a real estate lawyer?
Another very important thing new home buyers need to consider is can they afford to enlist the help of an Orlando, FL real estate attorney? Before a new home buyer purchases a home, they are encouraged to hire a lawyer who can run a title search and review the contracts to ensure there aren’t any underlying issues and that the purchase is in the best interest of the homebuyer.
If an individual thinks now is the right time for them to buy a home in Orlando and they have already begun their home search, their next step should be to contact Legal Counsel P.A. so they can schedule a consultation with an Orlando, FL real estate lawyer. Legal Counsel P.A. is a real estate law firm that provides legal services to those in the Orlando area that can help new home buyers ensure the home buying process runs as smoothly as possible.
Legal Counsel P.A. is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]